Twists of life can be unpredictable sometimes. Yesterday’s billionaire and сrypto genius may easily turn into a fraudster in no time. The story of Sam Bankman-Fried, ex-CEO of the FTX crypto exchange, is a vivid example of such a dramatic downfall: the former "King of crypto" is now facing charges of fraud and conspiracy. The billionaire who rocked the crypto industry was arrested in the Bahamas after US prosecutors requested his extradition. Bankman-Fried was charged with multiple counts, including “wire fraud, conspiracy to commit wire fraud, securities fraud, and conspiracy to commit money laundering.” Notably, he was the only one of the FTX management who faced the accusations. Sam Bankman-Fried said he “never tried to commit fraud” but admitted he made “a lot of mistakes.” For your reference, FTX, one of the largest crypto exchanges, filed for bankruptcy on November 11, 2022 after facing a liquidity crunch. Its founder Sam Bankman-Fried stepped down as a CEO and left the US. The bankrupt crypto exchange failed to meet about $8 billion in customer withdrawal requests, according to The New York Times.
